The National Iranian Oil Co has announced the discovery of a ‘huge’ crude oil and gas reserve in the region of Assaluyeh in the southern part of the Islamic republic, Mehr news has reported. The company said the studies show the region holds around 260 billion cubic meters of natural gas. Iran’s oil and liquid [...]
Nobuo Tanaka, executive director of the International Energy Agency, has said the agency is monitoring energy markets after its members’ decision to release oil stockpiles and will act again if needed to stabilise prices, Bloomberg has reported. The US and 27 allies will release emergency oil stockpiles through the IEA for the third time in [...]
The Sharjah Economic Development Department (SEDD) has closed down all Enoc Group’s petrol stations in the emirate after they failed to comply with government demands to resume their services, Gulf News has reported. A 72-hour deadline given to the Enoc group by the Sharjah Executive Council to open petrol stations across the emirate expired on [...]
Iraq: Iraq has signed a preliminary deal with French engineering giant Alstom to build a high-speed rail line linking the capital Baghdad with Basra, BBC has reported. The line would also connect with the cities of Karbala and Najaf. According to the initial agreement, Alstom will hold exclusive talks with Iraqi officials for 12 months [...]
Oil consumer nations on Thursday announced a surprise release from strategic government petroleum stockpiles in a bid to push down fuel prices and underpin the global economy.